Zibuyu Group Limited — M&A Activity 2000

Jul 19, 2000

The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

ZHONG HUA LAND HOLDINGS LIMITED

(Incorporated in Bermuda with limited liability)

SUPPLEMENTARY AGREEMENT

CONNECTED TRANSACTION

The Company is currently still in the process of conducting its legal and financial due diligence on the Property Company. By way of a letter dated 18th July, 2000, which is supplemental to the Agreement, the Vendor and the Purchaser agreed to postpone Completion of the Agreement from 31st July, 2000 to a date not later than 30th September, 2000.

Reference is made to the announcements made by the board of directors of Zhong Hua Land Holdings Limited (the "Company") dated 30th May, 21st June, 2000 and 10th July, 2000 in relation to the proposed acquisition of a 90 per cent. interest in the Property Company from a connected party of the Company (the "Announcements"). Unless otherwise stated, terms defined in the Announcements shall have the same meanings when used herein unless the context otherwise requires.

The Company is currently still in the process of conducting its legal and financial due diligence on the Property Company. By way of a letter dated 18th July, 2000, which is supplemental to the Agreement, the Vendor and the Purchaser agreed to postpone Completion of the Agreement from 31st July, 2000 to a date not later than 30th September, 2000. It was further agreed that the Vendor will deliver the audited financial statements of the Property Company for the six months period ended 30th June, 2000 upon Completion. Subject only to the above variations, the Agreement will remain in full force and effect and be binding on the parties thereto.

By Order of the Board

Carrie Ho

Company Secretary

Hong Kong, 18th July, 2000

* For identification purpose only.